The cost of administered pricing (opens in new tab)

EDITORIAL: With international oil prices retreating after the reopening of the Strait of Hormuz, the government’s decision to slash petrol prices by Rs74 per litre and high-speed diesel’s by Rs67 has understandably been welcomed by consumers. The move, however, has also provoked a strong backlash from oil marketing companies and refineries, which estimate losses of Rs105 billion and have called the move unilateral and inconsistent. While driven by commercial concerns, their protests also high...